"The alliance between the real estate private equity arm of Deutsche Bank and Sunrise comes at a time when many other health care owners and operators are facing an increasingly challenging environment," DBRE's managing director David Bush says in a statement. "The opportunity this creates -- to acquire underperforming properties at attractive prices and have them managed by an industry leader -- is an exciting one." Repeated calls to Sunrise regarding the name of the joint venture as well as any specific areas to be targeted for acquisitions were not returned. Together, the companies plan to acquire between 10 and 15 new management contracts annually. The venture is already said to be looking at particular facilities for potential acquisition, which is scheduled to begin in early 2002.
Having opened its first assisted living home 21 years ago, Sunrise currently owns and or manages more than 200 properties in the US, Canada and Great Britain. The company also specializes in providing care for residents suffering from Alzheimer's disease and other memory impairment afflictions.
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